CLEVELAND, Nov. 18, 2019 /PRNewswire/ -- Guarding revenues reached $29 billion in 2018 and represented 43% of private security service revenues. Guards are valued for their visible, physical presence, which can deter potential crimes. Many end users also prefer not to maintain their own in-house, proprietary security forces due to liability concerns, supporting demand from private providers. These trends and more are analyzed in Private Security Services published by The Freedonia Group.
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US guarding revenues are expected to grow 2.6% per year through 2023, reaching $33 billion. Gains will be supported by:
- continued interest in more highly trained, and thus more expensive, guards who provide a variety of market specific services
- increasing demand for armed security guards, who require additional training and command higher wages
- ongoing technological advances to security systems that make guards more efficient and cost effective
From 2013 to 2018, guarding revenues matched the pace of the overall security services market, supported by a number of the aforementioned trends. However, guarding is one of the most mature segments of the market and will see among the slowest gains of any segment through 2023.
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SOURCE The Freedonia Group